Technical Glossary

Terms from the contract and SDK.

Phoenix defines many concepts in the core contract and SDK. They are defined in the code and here below.

base: Token traded in a market (e.g. SOL in the SOL/USDC pair).
quote: Token used to price the base token (e.g. USDC in the SOL/USDC pair).
bid: A limit order on the order book to buy base token with quote token. The amount of each respective token is specified by the price and size parameters of the order.
ask: A limit order on the order book to sell base token for quote token. The amount of each respective token is specified by the price and size parameters of the order.
swap: An order that crosses the book, usually immedate-or-cancel (IOC).
seat: To place limit orders on Phoenix, a user must have a seat in the relevant market. Seats are assigned by the market authority.
lot: The discrete token unit that the market uses.
tick: The discrete price increment that the market uses.
market sequence number: The sequence number of a market. Each instruction interacting with the market increments the sequence number.
order sequence number: The sequence number of an order. Each limit order placed on the book gets a monotonically increasing order sequence number. The side of the order (bid or ask) is encoded in the order sequence number's first bit: 1 for bid, 0 for ask. See Side::from_order_sequence_number.

decimal: For a token, the decimal precision in which quantities are measured. For example, USDC has 6 decimals so the smallest positive quantity of USDC is 0.000001 USDC.
atom: A token quantity measured in terms of its highest precision. For example, 0.01 USDC is equal to 10000 USDC atoms.
unit: A token quantity measured in its usual representation. For example, 100 USDC is equal to 100 USDC units.
lot size: The number of atoms in a lot. For example, if a lot is 0.01 USDC, then lot size is equal to 10000.
tick size: The price increment that the market uses, in quote lots per base unit. For example, for a SOL/USDC pair, if a lot is 0.001 USDC (lot size is 1000) and the price increment is 0.01 USDC per SOL, the tick size is 10 (quote lots per base unit). A price of 15 USDC per SOL is 1500 ticks.

The Phoenix units system is fairly complex. For a more detailed explanation, check out the deep dive into the unit system on the next page.

Last updated 1 year ago

Terms from the contract and SDK.

Phoenix defines many concepts in the core contract and SDK. They are defined in the code and here below.

base: Token traded in a market (e.g. SOL in the SOL/USDC pair).
quote: Token used to price the base token (e.g. USDC in the SOL/USDC pair).
bid: A limit order on the order book to buy base token with quote token. The amount of each respective token is specified by the price and size parameters of the order.
ask: A limit order on the order book to sell base token for quote token. The amount of each respective token is specified by the price and size parameters of the order.
swap: An order that crosses the book, usually immedate-or-cancel (IOC).
seat: To place limit orders on Phoenix, a user must have a seat in the relevant market. Seats are assigned by the market authority.
lot: The discrete token unit that the market uses.
tick: The discrete price increment that the market uses.
market sequence number: The sequence number of a market. Each instruction interacting with the market increments the sequence number.
order sequence number: The sequence number of an order. Each limit order placed on the book gets a monotonically increasing order sequence number. The side of the order (bid or ask) is encoded in the order sequence number's first bit: 1 for bid, 0 for ask. See Side::from_order_sequence_number.

decimal: For a token, the decimal precision in which quantities are measured. For example, USDC has 6 decimals so the smallest positive quantity of USDC is 0.000001 USDC.
atom: A token quantity measured in terms of its highest precision. For example, 0.01 USDC is equal to 10000 USDC atoms.
unit: A token quantity measured in its usual representation. For example, 100 USDC is equal to 100 USDC units.
lot size: The number of atoms in a lot. For example, if a lot is 0.01 USDC, then lot size is equal to 10000.
tick size: The price increment that the market uses, in quote lots per base unit. For example, for a SOL/USDC pair, if a lot is 0.001 USDC (lot size is 1000) and the price increment is 0.01 USDC per SOL, the tick size is 10 (quote lots per base unit). A price of 15 USDC per SOL is 1500 ticks.

The Phoenix units system is fairly complex. For a more detailed explanation, check out the deep dive into the unit system on the next page.

Last updated 1 year ago